What do legal terms like 'indemnity' and 'liability' mean?

What do legal terms like 'indemnity' and 'liability' mean?

Indemnity refers to a security or protection against financial loss, while liability is the state of being responsible for something.

Can you give me an example of indemnity in a contract?

Sure! In a contract, indemnity might state that one party agrees to compensate the other for any losses incurred due to specific actions.

What about 'negligence'? How is it different from liability?

Negligence is a failure to take proper care in doing something, which can lead to liability if it causes harm to another party.

Are there different types of liability?

Yes, there are several types, including contractual liability, tort liability, and strict liability, each with different implications.

How can I protect myself from liability?

You can protect yourself by having clear contracts, obtaining insurance, and following regulations to minimize risks.